Consolidation in USD/CAD Goes On

Trading in the pair is neutral and consolidation from short term bottom 1.2412 may widen. Pivot points are at: (S1) 1.2553; (P) 1.2585; (R1) 1.2619.

Further increase in the pair is awaited. Upside should be limited by 38.2% retracement of 1.3346 to 1.2412 at 1.2769. Overcoming of 1.2412 level will widen decline from 1.3793 to key fibonacci level at 1.2048.

Price moves from a medium term top 1.4689 is a correction. Decline from 1.3793 is the third leg of a correction. Downside of the pair should be contained by support from 50% retracement of 0.9406 to 1.4869 at 1.2048. Recoil in the pair is possible.